In multiple lot auctions, the purchase or sale of multiple lots of items (goods or services) are auctioned. Such auctions may be conducted with various sequencing and/or closing rules. Closing rules specify (1) an initial closing time (a time after which bids are not accepted) for each lot and (2) how these times were modified during the auction based on bidding activity. Sequencing rules determine how the closing times are ordered among the various lots. For example, the bidding on all of the lots may begin simultaneously, but the closing time for the lots may be staggered. For example, lot 1 may close bidding after 30 minutes, lot 2 may close bidding 15 minutes after that, and so on. Alternatively, the lots may be auctioned sequentially, one lot after another. In general, bidding behavior is influenced by the sequencing of the closing times and order of the various lots. The entity conducting the auction naturally desires an optimal strategy for implementing an auction.